On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory diplomacy. First, a report by Reuters indicated that the Central Banking concern of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the movement would marshal with remarks made by Russian President Vladimir Putin final month, who stated that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation'southward key bank is currently preparing an advisory written report on the event.

However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Fiscal Markets, gave the post-obit statement in a press conference the aforementioned day, as reported by local news outlet interfax.ru and translated past Cointelegraph:

There exists a very tough approach near the complete prohibition of cryptocurrencies, such as conquering or ownership. In that location [also] exists an approach where at that place must be appropriate crypto exchanges, where everything is legalized, transparent and understandable to regulatory bodies. It would be easier for the Federal Tax Service of Russian federation to tax such [exchange] transactions.

Chairman Aksakov too voiced his back up for cryptocurrency mining regulation in the country, citing factors such every bit mining taxation and concern electricity consumption. Regime in the country prioritize launching a CBDC ruble and have enacted tough crackdowns on the private crypto sector, including banning mutual funds from investing in Bitcoin (BTC). Most recent figures suggest that Russians transact about $5 billion each year in cryptocurrencies.